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GMI Technology increases revenue 34% in 2nd Quarter 2009

GMI Technology Inc. (Public, TPE: 3312) today announced financial results for the 2nd quarter of fiscal year 2009. For the three month period ending June 30, 2009 net revenue was a record US$ 83.8 million, an increase of 17% versus the same quarter in 2008 and an increase of 34% versus the prior quarter. After-tax net profit for the three month period was US$ 1.46M, versus a net loss of US$ 0.9M in the same quarter in 2008. For the six month period ending June 30, 2009 after-tax net profit for the six month period was US$ 3.07M, versus a net loss of US$ 1.9M in the same period in 2008.   
 
Commenting on the announcement, Weylin Wang, president of GMI Technology, said, “We are very pleased with the strong growth in both our sales revenue and net profit, especially based on the very difficult worldwide economic situation. Our strong bottom line results are largely due to the numerous restructuring actions we took in the 2nd half of 2008, including a significantly reduced expense structure and an improved product line portfolio. We have also benefited from many new customer design wins, especially in mainland China. Our operational efficiency has significantly improved with our end of quarter inventory level almost half of what it was the prior year despite a significant increase in sales. GMI Technology is debt ratio has also dropped considerably over the past year. We are pleased that the investor markets have recognized our strong performance, with our stock share price more than quadrupling in 2009. Despite the continued challenging worldwide economic environment, GMI Technology continues to be very optimistic about the 2nd half of 2009 and our long term future growth, and we expect to continue to outperform our competitors.”
 
Detailed financials can be found on GMI Technology is website at www.gmitec.com.